Received overpayment at closing due to improper payoff on 2nd Mor

[Christopher Todd]

OK, so I just did a 1031 exchange on one of my properties. This residence has been rented for the past six years. I just sold the house to the current renter and I’m doing a 1031 exchange into my next investment property. There was a first and second mortgage on this property that was to be paid off at closing. I literally just left the attorney‘s office and after signing the documents noticed that the pay off amount on our second mortgage was $14,000 lower than what all of our documentation shows. I now have a little over $14,000 extra sitting in an intermediaries account. I’m not sure what to do in the situation I would welcome your advice. Thanks